A Charter Party is a contract by which the owner of a ship lets it to others for use in transporting a cargo. The shipowner continues to control the navigation and management of the vessel, but its carrying capacity is engaged by the charterer. The performance of the vessel is an important part of the contract. To monitor performance, data is collected manually at sea and reported back to shore once per day.
This is the current state of performance reporting for the vast majority of chartering and ship owning shipping companies. Over 90% of charterers use only this method of data collection, known as “noon reporting”. It means for monitoring if the chartered vessel is in compliance with agreed consumption (that can easily add up to millions of dolllars anually), we rely only on average values on speed and consumption reported over 24 hours, with manually collected data on weather and seastate.
We can do so much better.
We believe that real-time, accurate data with full transparency on vessel performance is essential. We have developed new tools to help in the real-time monitoring of charterered vessels. Through our Digital Twin, owners and charterers can enjoy up to 480 datapoints per day, (one every 3 minutes) without the need to install hardware on board. This data can be used to provide real-time feedback, and help operators to increase voyage efficiency by reducing bunker consumption.
Also it can be of tremendous value in substantiating performance claims. Having data what really happened during the voyage, with detailed data on position, speed, draught, consumption, weather and seastate has proven to be of great value for demonstrating underperformance.
It’s about time for a new approach in monitoring chartered vessels. Contact us for a free consult.